The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies
You may remember “Dead Peasant Insurance” this was a practice by largish firms to buy life insurance policies on their employees and cashing in on them when they died. Something so heinous that the American Public managed to black it out of their collective consciousness in record time.
This is a new level of messed up